The Global Foreign Exchange Committee (GFXC) has published a set of recommendations relating to the establishment of public registers for FX global code statements of commitment. In order to support the development of public registers, the GFXC is providing some initial guidance to potential public register hosts. The GFXC considers that public registers should be established with the overarching objective of increasing the transparency around market participants’ use of the Statement of Commitment to the FX global code (statement). As such, in providing a platform for market participants to make public their use of the statement, public registers should make it clear to users what a market participant’s presence on the public register represents and what reliance should or should not be placed upon a market participant’s inclusion on the public register.
With this in mind, the GFXC recommends that public registers should consider the following:
- providing fair and open access to those who may wish to use the public register to identify market participants included;
- subject to the operating model adopted, make the following details publicly available regarding the statement: (i) market participant name, statement date and market participant type; (ii) admission date of the market participant to the public register; and (iii) a link to the market’s participant’s statement;
- clearly setting out the process by which market participants are admitted to or removed from the public register;
- clearly setting out how a market participant’s inclusion on the public register is maintained through time, including how frequently a market participant might renew their statement and expectations;
- defining the scope of market participants that are eligible to be admitted to the public register; and
- provide a link to the global index.
Public registers may also consider developing a search function to enhance usability. The GFXC anticipates working constructively with entities that establish public registers and wish to be included in the global index. This may involve standardising certain details provided by individual public registers, to establish an effective global search function across multiple registers.